Compare SBI Life Insurance Plans

SBI Life Insurance Company

SBI Life Insurance Company

SBI Life Insurance Company Limited is a collaboration between SBI or State Bank of India, and the BNP Paribas Cardif S.A. BNP Paribas Cardif holds 26% of the total share and while SBI holds 74% of the shares. With an authorized capital of Rs 2,000 cr and a paid up capital of Rs 1,000Cr, SBI life has become one of the leading life insurance companies in India.

Commenced in 2001 at its headquarters in Mumbai, the company’s primary focus back then was bancassurance. Today, it offers a wide range of policies to a million customers in the country.

Unmatched Performance!

SBI’s growth has been very progressive since its establishment. It is one of the key players it the market in the insurance industry. It has a huge customer database which it targets with its nifty products and services.

It offers life insurance to people of different economic status and backgrounds. It has policies to take care of the needs of every individual. The company has a reputation for having the most proficient force of insurance agents. They have a customer base of 100 million and an advisers group of 80,000 people.

SBI’s committed and experienced professionals will provide you with an unparalleled experience while choosing your life insurance policy.

Their Varied list of products

SBI has several insurance policies to meet a customer’s needs. They have a large customer base and have a wide range of policies customers can choose from.

1. Unit-linked Insurance Plans:
Saral Maha Anand
Smart Wealth Builder
Smart Wealth Assure

. Life Insurance Child Plans:
Smart Scholar
Smart Champ Insurance

3. Life Insurance Retirement Plans:
Annuity Plus
Saral Pension

4. Term Insurance Plans:
eShield
Smart Shield
Saral Shield

5. Life Insurance Savings Plans:
CSC Saral Sanchay
Smart Humsafar
Smart Money Planner

6. Life Insurance For Groups:
Kalyan ULIP Plus
Pradhan Mantri Jeevan Jyoti Bima Yojana
Rinn Raksha

Product Details

There is a wide range of policies to choose from for individuals. SBI Life offers different kinds of plans such as child plans, endowment plans, protection plans, unit-linked plans and savings plan,

1.  Unit-linked Insurance Plans
Unit-linked plans are the plans which provide protection plus long-term investment for the future. It offers market-linked returns to the policyholders along with protection. Depending on the risk appetite of the policyholder, SBI offers different kinds of plans. Some of them are as follows:

  • Saral Maha Anand: This is a unit-linked, non-participating plan. You can invest according to the risk you are willing to take. You can also decide the sum for which you want to get insured which has to fall between a minimum and maximum category.
  • Smart Wealth Builder: Another unit-linked, non-participating plan which lets you invest in the market an amount that you can afford. It provides customers with the flexibility to choose their premiums and policy term. You can also choose the mode of payment of your premiums.
  • Smart Wealth Assure: This is a non-participating, single premium life insurance plan. It is a unit-linked plan which lets you invest in the market and watch your wealth increase. You can also make partial withdrawals which can be used to meet your financial requirements.
Plan Basic Sum Assured Policy Term
Smart Wealth Builder Higher of (Annualised Premium x 10) or (0.50 x Term of the Policy x the Annualised Premium) for Regular and Limited Premium plans
1.25 x the Single Premium for the Single Premium plans in case the individual is under 45 years of age
Higher of (Annualised Premium x 7) or (0.25 x Term of the Policy x the Annualised Premium) for Regular and Limited Premium plans
1.1 x Single Premium for Single Premium plans in case the individual is 45 years or above
10 years and 15 to 30 years in case of Regular
and Limited Premium plans
5 to 30 years in case of Single Premium plans
Smart Wealth Assure 1.25 x the Single Premium for persons below 45 years
1.10 x Single Premium for individuals who are aged 45 years or above
10 to 30 years
Saral Maha Anand 10 x Annualised Premium for persons below 45 years of age
7 x the Annualised Premium for individuals aged 45 years or above
10 years / 15 years / 20 years

2. Life Insurance Child Plans
Smart planning for your child’s future can have many advantages when the time comes. There are 2 child plans offered by SBI Life that can be very beneficial over time. They are as follows:

  • Smart Scholar: This is a child plan which provides double the death benefit payment made towards the amount insured. It also waiver off the remaining premiums. It provides partial withdrawal benefits, accidental death benefits and total permanent disability benefits.
  • Smart Champ Insurance: To secure your child’s future, no matter what the conditions are, this is the best plan. Once the child turns 18, you receive lump sum payments in four instalments. You are also provided with the choice of waiver of premium and single time payment of premium.
Plan Basic Sum Assured Policy Term
Saral Pension Rs.1 lac 5 years for Single Premium plan
10 years for Regular Premium policies
Annuity Plus n/a n/a

3. Life Insurance Retirement Plans
To help the customers lead a comfortable life after a working age, SBI Life Insurance offers several retirement plans. The policyholders receive monthly payments in the form of pension so that they are always financially supported. Some of the retirement plans are:

  • Annuity Plus: This is a non-participating, annuity plan which offers the policyholders a regular pension from the age of 40. The policyholders can decide the frequency of the annuity pay-outs. It also offers a return of premium and return of balance.
  • Saral Pension: This plan offers policyholders guaranteed reversionary bonuses along with maturity bonus (sum insured + simple reversionary bonus + terminal bonus). You can enhance the life insurance policy by clicking it with rider plans.
Plan Basic Sum Insured Policy Term
Sanchit Up to 45 years – 125% of single premium
46 years & above – 110% of single premium
5 to 10 years
Utkarsh Capped at 45 years – 10 Xs the annualized or regular premium or 125% of one single premium
From 46 years onwards - 7 Xs the annualized or regular premium or 110% of a single premium
8 to 20 years
Sugam 10 times of Annualized Premium 10, 15 or 20 years

5. Life Insurance Savings Plans
To help you financially for your future plans and ventures, SBI offers several savings plans. Whether it is buying a new home or taking an international trip, SBI has you covered. Some of the life insurance savings plans are:

  • CSC Saral Sanchay: It is a non-participating, non-linked variable insurance plan which is offered through Common Service Centre Network under the National eGovernance Plan of India. It gives you an opportunity to save along with death benefits in case of death of the policyholder.
  • Smart Humsafar:  It is a joint insurance plan to cover the policyholder and his/her spouse. It offers death benefits. Maturity benefits are offered in the event of either or both partners surviving till the maturity period.
  • Smart Money Planner: It is a non-inked, limited premium plan. It offers assured monetary credits at regular intervals along with profit endowment.
Plan Basic Sum Assured Policy Term
Smart Humsafar Rs.1 lac 10 years to 30 years
Smart Money Planner Rs.1 lac 15 years to 25 years
CSC Saral Sanchay 10 x Annualised Premium if the individual is under 45 years of age
7 x Annualised Premium if the individual is 45 years or above in case of Regular Premium policies
top-up premium: 125% for under 45 years.
top-up premium: 110% for 45 years and above.
10 years to 15 years

6. Life Insurance For Groups
To help companies and organizations to take care of their employees through life insurance, SBI offers a range of group insurance plans. The following are a few of the many plans offered by SBI Life for groups:

  • Kalyan ULIP Plus: It is a group retirement plan which is fund based. The master policyholder and other members of the group can enjoy the benefits of this plan.
  • Pradhan Mantri Jeevan Jyoti Bima Yojana: It is a group protection plan which is non-linked and non-participating. This plan is annually renewable and provides a death benefit of Rs. 2,00,000 at an annual premium of Rs. 330.
  • Rinn Raksha: It is a group loan protection plan which takes care of your future plans such as buying a new house, buying a new car, etc.  
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